While dental patients across the country are shying away from elective procedures because of Covid-19, many dentists are taking this opportunity to rethink their financial billing and payments processing to better cope with the expected flurry of business to come when the pandemic subsides. They’re finding its time to address one of their biggest challenges.
Payments processing can be problematic
Collecting patient payments has been a problem for many dental providers According to a 2018 survey by Bankers Healthcare Group, 88% of dental patients surveyed said their biggest concern was the ability to pay for procedures and treatment. 86% of dentists said their biggest worry was revenue. They accept down payments as a courtesy, then have to wait for monthly payments that may or may not come on time. In most cases, there is no interest penalty to payers, and money continues to depreciate over time. They are simply losing money.
Traditionally, for patient payments, dental practices have been forced to rely on the credit card processing services sold by their EMR/EHR or PMS (practice management system) provider. These subpar processing components lack functionality, fail to add any real value to the practice, and are often more costly. Historically, dental providers have been hesitant to make a change in their payment system due to lack of integration with their PMS – until now!
The diagnosis: Subpar, limited payments platform and/or no integration
If not implemented properly, third-party software can add to any provider’s aches and pains. Software for patient scheduling and communications is often cumbersome, and stand-alone credit card processing services often don’t integrate with the PMS system in place. In fact, there can be multiple credit card systems at work, one for payments made online, and another for in-office payments, as well as recurring billing plans. This only exacerbates the integration problem, not to mention the time and cost of the paper-intensive, manual steps required in these inherently inefficient systems.
Additionally, during the pandemic, patients and dental providers alike are seeking contactless options. Safety is a top priority for everyone these days. Online payments are encouraged whenever possible, and mobile-based, pre-payment options are in high demand.
There is a solution to all this
To help improve revenue, enhance operational processes, preserve integration, and better manage costs, there is a growing acknowledgement that a modernized, end-to-end patient payments solution is required to handle these challenges. As such, more and more dental providers are turning to Liquid Payments (LQ), a comprehensive platform to:
- Process payments using modern device technology – Wi-Fi, wireless payment terminal for in-person payments
- Increase revenue – our system facilitates better collections of balances due
- Improve cash flow and A/R cycles – Secure card-on-file and text-to-pay options speeds payments
- Improve operational efficiency and reduce cost– Mobile-based platform leverages automation for collection and posting
- Better manage recurring billing plans — Robust functionality and flexibility
- Result in more satisfied patients – Quick and contactless payments; enables use of mobile/smart devices for added convenience
The contactless payment functionality is extremely robust. Email or text-to-pay payment prompts can be sent to patients whether they are six miles away, six feet away in the office, or in the parking lot, with no contact needed and no exchange of cards.
Aside from these robust features and functions, this state-of-the-art technology leverages Robotic Processing Automation (RPA) to automate immediate posting of payments in to any EMR or practice management system, as well as the retrieval of balances due to send patients a mobile statement, via text or email, with an actionable payment link.
Liquid Payments gives dental providers a healthy prognosis
Dentists can look at all this and say, “Oh no, not another system,” but the reality is, the LQ solution addresses the problems that have been plaguing them for so long. It’s modern, mobile technology is fast, contactless, paperless, automated, and integrated. It handles remote payments and in-office payments with ease. It is PCI and HIPPA-compliant. It improves patient communications and facilitates easy-to-make payments for more patient convenience. Patients love the simplicity and mobile options.
Additionally, it’s easy to implement, and with minimal training, the system is up and running in no time. Providers can look forward to operational efficiencies, improved cash flow, increased revenue, and lower costs of collections.
According to the same survey mentioned above, when asked about the challenges of managing their finances, 80% of dentists reported acquiring new patients and keeping up with technology as their biggest concerns. Many are updating their technology and adding new equipment. When it comes to patient payments, the LQ solution offers just that, and by leveraging the latest advancements in payments technology, LQ drives operational and financial value for its customers.
When the pandemic is over and the patients return in full force, dental providers with the LQ platform in place will have a bright new smile on their faces.
If you are interested in a live demo of our solution, please contact us.